Government collects GST worth Rs 7.41 lakh crores in Financial Year 2018

NEW DELHI: In the very first year of the GST (goods and services tax), the government has collected revenue worth Rs 7.41 lakh crore in taxes.

The received GST data comprises only of the first 8 months as revenues of about four months not being accounted due to mid-year rollout and an accounting lag.

In its last report, the government reported a GST collection of Rs 7.17 lakh crore for the first eight months since the new tax regime that subsumed 17 central and state taxes on the sale of goods and rendering of services was rolled out in July.

In a statement released by the finance ministry, the GST collection has been put at Rs 7.41 lakh crore till the period ending March 31, 2018.

“During 2017-18, total revenue collected under GST in the period between August 2017 and March 2018 has been Rs 7.19 lakh crore.This includes Rs 1.19 lakh crore of CGST, Rs 1.72 lakh crore of SGST, Rs 3.66 lakh crore of IGST (including Rs 1.73 lakh crore on imports) and Rs 62,021 crore of cess (including Rs 5702 crore on imports),” the statement said.

An official from the Finance Ministry said,”At the end of March, the Centre has Rs 20,000 crore in its cesspool, which will be utilised to compensate the states for revenue loss.”

Under GST, the tax levied on consumption of goods or rendering of service is split 50:50 between the Centre and the states. Such tax is known as Central-GST or CGST and State-GST or SGST.


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